Gold Teeters on Support - Will the Bears Take Over?

On the monthly chart, XAU/USD has been in a consistent uptrend since mid-2022, with price action well above the 21 EMA and 200-day moving average. The current price is approaching the major resistance level around 2,483.740, suggesting potential for either a breakout or a reversal.

Moving to the weekly chart, we see a series of higher highs and higher lows, indicating a strong bullish trend. However, recent candles show some hesitation near the resistance zone at 2,483.740. The 21 EMA is acting as dynamic support, currently at 2,320.378, which is key to watch for any trend reversals.

On the daily chart, the price recently tested and bounced off the 21 EMA at 2,400.320 but shows signs of struggle to maintain above it. The immediate support is around 2,387.785, and resistance is at 2,483.740. The market appears to be in a consolidation phase within these levels.

Currently, on the 4 hour chart, gold is dancing around the support level at 2,387.785, struggling to keep its head above water. The 21 EMA is acting as a strong ceiling right now, sitting at 2,403.817, which indicates bearish momentum is in play.

We've seen a steady decline in the past few sessions, with lower highs and lower lows confirming the downtrend. If this support at 2,387.785 breaks, we might see the price head towards the next key level at around 2,365.00. On the flip side, a strong push above the 21 EMA could signal a potential reversal, but for now, I'm keeping my bias bearish until we see some solid bullish action.